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Report: Rosneft unit bids for Vnesheconombank subsidiaries

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Report: Rosneft unit bids for Vnesheconombank subsidiaries

A company controlled by oil company Rosneft is among three final bidders for Vnesheconombank's units Interregional Bank for Settlements of the Telecommunications & Postal Services and GLOBEX Commercial Bank JSC, Kommersant reported Jan. 25, citing sources close to VEB and Rosneft.

The other two bidders are entities associated with banker Artem Avetisyan and non-state pension fund NPF Blagosostoyanie, which controls Absolut Bank (PAO).

The sale of Sviaz-Bank and Globex Bank are part of VEB's strategy of divesting noncore assets. The potential buyer will be chosen in mid-February and the sale could be completed in the first quarter.

Rosneft's bid has a significant chance of being selected, as the company has sufficient financial resources to swiftly complete the deal, Kommersant noted. Karen Dashyan, a managing partner at Advance Capital, told the newspaper that Rosneft could have filed the bid at the request of the Russian state in order to help VEB off-load noncore assets.

Rosneft already controls JSC Russian Regional Development Bank, which may be considered as an investor that could oversee the financial rehabilitation of JSCB for Charity and Spiritual Dev of Fatherland PERESVET.

As of Jan. 25, US$1 was equivalent to 59.09 Russian rubles.